Following news that Global Markets Exchange Group International (GMEX Group) had been an acquirer of an equity stake in African ALTX, today they are the one selling a stake. Being announced in a joint public statement, Societe Generale Prime Services (formerly Newedge) has acquired a minority state in GMEX Group.
Societe Generale becomes the second investment bank to acquire a minority holding in GMEX Group following an earlier investment by Deutsche Borse Group in 2013.
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An operator of exchanges supporting equities, derivatives, FX, commodities and debt trading, GMEX Group also provides technology to exchanges to assist in the operating of their businesses. With its investment, Societe Generale will be planning on providing execution and clearing services to clients trading on GMEX Group operated exchanges, including the London Derivatives, Global Derivatives, Global Commodities and Global Securities exchanges.
Hirander Misra, Chief Executive Officer and Co-Founder of GMEX Group, commented about the investment, “We welcome this investment from Societe Generale, which in conjunction with their earlier announcement to become an execution and clearing member of the GMEX exchange, emphasises the value of our proposition. We look forward to working with all our partners as we continue to position ourselves to meet the needs of the market across the investment management, banking and futures trading community.”
David Escoffier, Deputy Head of Global Markets for Societe Generale Corporate & Investment Banking and CEO at Newedge, added, “The GMEX Group offers genuinely new ways to trade Interest Rates via their unique and versatile Constant Maturity Futures product. That’s exciting for our clients as they adapt to the new environment, for our industry, and for us as part of this venture. Acquiring a minority share reflects our commitment to driving innovation in the derivative markets, and we will continue to look positively at other similar initiatives based on innovation, quality and focused on delivery value to our clients.”